- When is the best time of year to sell a house?
You can sell your home at any time of the year. In general though, early spring through early summer are the hottest home buying seasons of the year. HOWEVER, the Lynchburg and surrounding areas market is HOT and with low inventory, houses are selling quickly!
- How much is my house worth?
There are two main factors that determine how much your home is worth: level of demand for homes like it, and the condition of your home.
To gauge what your home might command on the open market, your best bet is to look at comparable sales. Make sure they are of similar size and condition to yours. Your real estate agent will also be able to pull “comps” (comparables) for you, and can give you a home valuation.
- How long will it take to sell my house?
Time to sell really depends on where you’re located and the conditions of your local housing market. Your listing price, the condition of your home, and your agents marketing and relational skills.
Most home-buyers simply “buy what they see, not what can be”. What we see even in a sellers market is that the homes that show the best are the fastest ones to sell. Your realtor will be able to help you with getting your home ready for the market.
- Should I make repairs before listing the house?
May times, homebuyers want a “move-in ready” property – one that doesn’t require much work and elbow grease before moving in. This is especially true of younger buyers.
For this reason, you may want to consider making some repairs before putting your home on the market. Smaller, cosmetic repairs can be a good idea to make your home more marketable and more valuable. On bigger, known issues, like a damaged roof or broken AC unit, you have two options: make the repairs and foot the bill yourself, or adjust your price accordingly.
- How much does it cost to sell my house?
There are many costs involved in selling a house. Fortunately, most of them don’t require an out-of-pocket payment. Instead many come out of your sales proceeds at closing. Generally, you can expect to pay 7-10% of your home’s sales price in fees and expenses.
Your realtor will discuss these fees but a simple breakdown is: Brokers stakes commission (5-6%), Repair costs (varies), if applicable homeownership and overlap costs including grantors tax (1%), and/or closing costs (1-3%). Most times these costs will be a minimum of 7% but can vary based on your specific home and closing.
- Where does the home inspector come in?
In the state of Virginia, the buyers are the party who pays for and have rights to obtain an inspection of your home. Typically this is done after an offer is accepted for your house. The buyer will hire a local inspector to evaluate their property and they may ask that you credit them for a few repairs based on the findings of the report.
Buyers will have knowledge of 3 Key Insights after an inspection:
1. What is right about the house
2. What maintenance issues the home has/or is in future need of
3. Right now issues that are hazards, safety issues, or not properly functioning
From a logistical standpoint, you usually don’t have much to do before the inspector arrives. Your agent will break down what is needed from you before and after the inspection happens.
- Can I take my favorite light fixture or other favorite home feature with me?
The short answer is no. The reason being, anything that is attached to the house is something you’ll need to leave behind for the buyer. This includes light fixtures, built-in shelving, smart locks and thermostats, blinds, door hardware and more. If there’s something specific you don’t want to include in the sale, make sure you bring it up during negotiations as you’ll need to note it in your sales contract OR simply remove it and replace it before letting anyone into your home.
These are some simple frequently asked questions. If you are thinking about selling your home, contact us today for a free home valuation. We also provide our clients with a sellers net proceeds sheet which allows you to see (within a couple hundred dollars) what you will be making from the sale of your house.
Let us help you make this process quick and painless, and get you out of your current home and into the next home perfect for you!
The KMR Team.